(b) Upon the occurrence of any Event of Default and so long as the same shall be continuing,
Lessor may, at its option, at any time thereafter, exercise one or more of the following remedies,
as Lessor in its sole discretion shall lawfully elect: (i) demand that Lessee immediately pay as
liquidated damages, for loss of a bargain and not as a penalty, an amount equal to (x) the
Stipulated Loss Value of the Aircraft, computed as of the Basic Term Rent Date prior to such demand
together with (y) all Rent and other amounts due and payable for all periods up to and including
the Basic Term Rent Date following such demand; (ii) demand that Lessee pay all amounts due for
failure to maintain or return the Aircraft as provided herein and cause Lessee to assign to Lessor
Lessee’s rights under any manufacturer’s service program contract or any extended warranty contract
in force for the Aircraft; (iii) proceed by appropriate court action, either at law or in equity,
to enforce the performance by Lessee of the applicable covenants of this Lease or to recover
damages for breach hereof; (iv) by notice in writing terminate this Lease, whereupon all rights of
Lessee to use of the Aircraft or any part thereof shall absolutely cease and terminate, and Lessee
shall immediately return the Aircraft in accordance with Section 11, but Lessee shall remain liable
as provided in Section 11; (v) request Lessee to return the Aircraft to a designated location in
accordance with Section 11; (vi) peacefully enter the premises where the Aircraft may be and take
possession of the Aircraft; (vii) sell or otherwise dispose of the Aircraft at private or public